Moody’s gives Encino Acquisition notes B3

Moody's Ratings said it assigned a B3 rating to Encino Acquisition Partners Holdings, LLC's proposed $500 million senior unsecured notes due 2031.

The agency affirmed Encino's B2 corporate family rating, its B3 senior unsecured notes rating and its B2-PD probability of default rating.

The outlook remains stable.

“Encino will use proceeds from its proposed senior notes offering to reduce borrowings outstanding under its revolver, improving its liquidity and lengthening its maturity runway,” Jake Leiby, Moody's vice president, senior analyst, said in a news release.

“Capital spending will increase significantly in 2024 as the company executes on its liquids growth strategy and the $300 million follow-on equity injection from its sponsor will cover a portion of its expected negative free cash flow generation.”

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